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RNS Number : 8886B
Circle Holdings PLC
12 October 2015
Circle Holdings plc
("Circle", the "Company" or "Group")
Circle to run new cancer centre on Harley Street - with the
first use of new high energy proton beam technology in UK.
12 October 2015
Circle (LSE: Circ), the employee co-owned healthcare group,
today announces it has signed a joint venture agreement with
Advanced Oncotherapy (AIM: AVO) to operate a cancer centre in
Harley Street, using new high energy proton beam technology.
The arrangement, together with further definitive agreements to
be finalised in the coming months, would combine Circle's
clinician-led operating model with Advanced Oncotherapy's
next-generation proton therapy systems for cancer treatment.
Circle expects to commence operating the new 11,000 square foot
facility from late 2017. When fully operational, it is anticipated
to treat around 500 patients a year, from the UK and across the
world.
The centre will also look to offer its services to other
hospitals that want access to the system - including NHS
hospitals.
Once approved, it is expected to be the first high energy proton
beam therapy centre in the UK, and the first centre using Advanced
Oncotherapy's new proprietary treatment in the world.
Proton beam therapy uses a particle accelerator to direct a beam
of protons that kills cancerous cells. This is more targeted than
many existing therapies - which can damage healthy cells - making
proton beam therapy particularly effective for sensitive cases,
such as brain tumours or paediatric cases.
Proton beam therapy exists in a small number of centres around
the world, but Advanced Oncotherapy's is a next-generation system
that is a fraction of the size and significantly lower in cost than
existing models.
Circle also seeks in due course to operate a similar facility
alongside its proposed new-build hospital in Birmingham, which has
recently received detailed planning permission.
Under the terms of the agreement, Advanced Oncotherapy and
Circle plan to jointly own a newly formed company into which
funding of GBP6 million will be provided in equal portions by the
parties to cover, among other things, pre-opening costs and working
capital. Once the centre commences operation the operating company
will be owned 50.1% by Circle and 49.9% by Advanced
Oncotherapy.
Circle will take responsibility for all operational and clinical
matters at the facility as well as the procurement, fit-out and
testing required to fully commission the facility for receiving
patients in late 2017. Advanced Oncotherapy will take
responsibility for all technical and technological matters.
Steve Melton, Chief Executive of Circle, said:
"This is great news for patients, for Circle and for Advanced
Oncotherapy.
Advanced Oncotherapy are creating a genuinely revolutionary
technology, at the cutting edge of cancer treatment. We're
delighted to be working with them.
When completed, this deal means the expansion of Circle into
London - giving us a presence in one of the world's greatest
medical centres - and into cancer care, where there is huge
potential for new technologies and exciting new treatments.
For Circle, this is a clear signal of our intention to grow and
expand, by combining our experience in operations and patient care
with other organisations' specialist skills."
Commenting, Sanjeev Pandya, CEO of Advanced Oncotherapy,
said:
"CircleHealth has a great record for providing innovative
healthcare delivery and is the ideal candidate to operate our
flagship Harley Street site.
Whilst we expect our ongoing business model to focus on Advanced
Oncotherapy as a manufacturer of cutting edge proton therapy
systems, we felt it was crucial, given the strategic importance of
our first site in Harley Street, to have a vested interest in the
ongoing operational success of our facility.
Working alongside CircleHealth, we expect it to transform the
UK's approach to cancer radiotherapy treatment."
For further information, please contact:
Circle Holdings plc Tel: +44 207 034 5250
Steve Melton, Chief Executive Officer
Paolo Pieri, Chief Financial Officer
Media enquiries should be directed to Gordon Hector, Head of
Communications Gordon.hector@circlehealth.co.uk
Numis Securities Limited Tel: +44 207 260 1000
Michael Meade, Nominated Adviser
Alex Ham, Corporate Broking
This information is provided by RNS
The company news service from the London Stock Exchange
END
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